Section 500.7300 – Scope of Chapter.

500.7300 Scope of chapter. Sec. 7300. This chapter applies only to domestic, foreign and alien insurers transacting title insurance. History: Add. 1966, Act 221, Imd. Eff. July 11, 1966 Popular Name: Act 218

Section 500.7301 – Definitions.

500.7301 Definitions. Sec. 7301. As used in this chapter: (a) “Title insurance” means the insuring, guaranteeing, or indemnifying of designated owners of real estate or any interest in real estate against loss or damage that may result because the title is vested in a manner otherwise than as stated in the title insurance policy, because […]

Section 500.7302 – Corporations Authorized to Transact Title Insurance.

500.7302 Corporations authorized to transact title insurance. Sec. 7302. Only a domestic, foreign or alien corporation organized on the stock plan and authorized by the commissioner pursuant to section 7303 shall transact or attempt to transact a title insurance business in this state or issue title insurance with respect to real estate located in this […]

Section 500.7303 – Prerequisites to Issuance of Certificate of Authority.

500.7303 Prerequisites to issuance of certificate of authority. Sec. 7303. No corporation shall issue title insurance policies, contracts or commitments with respect to real estate located in this state or otherwise transact any business of title insurance in this state unless it holds a certificate of authority from the commissioner, pursuant to section 402, authorizing […]

Section 500.7304 – Title Insurers; Powers.

500.7304 Title insurers; powers. Sec. 7304. Every title insurer authorized to do business pursuant to this code may issue title insurance; make, execute and perfect such contracts, agreements, policies and other instruments as may be required therefor; examine titles to real estate in connection with any transaction in which a policy of title insurance or […]

Section 500.7305 – Unearned Premium Reserves.

500.7305 Unearned premium reserves. Sec. 7305. (1) Every title insurer authorized to transact title insurance in this state shall establish and maintain, except as provided in subsection (4), an unearned premium reserve on business done in this state which at all times and for all purposes shall be deemed and constitute unearned portions of the […]

Section 500.7306 – Claim Reserves; Requirements.

500.7306 Claim reserves; requirements. Sec. 7306. (1) Every title insurer shall establish and maintain, in addition to other reserves, a reserve against unpaid claims and claim expense, herein known as the claim reserve. The reserve shall be in an amount estimated in the aggregate as being sufficient to provide for payment of all claim and […]

Section 500.7308 – Reinsurance; Authorization.

500.7308 Reinsurance; authorization. Sec. 7308. (1) Any title insurer may reinsure a part of its liability under 1 or more of its title insurance policies, reinsurance or coinsurance agreements by ceding a part of the liability to any company authorized to engage in the title insurance business in this state or in any other of […]

Section 500.7310 – Rating Organizations; Formation; Operation.

500.7310 Rating organizations; formation; operation. Sec. 7310. Rating organizations for title insurance may be formed and may operate pursuant to the applicable provisions of chapter 24. History: Add. 1966, Act 221, Imd. Eff. July 11, 1966 Popular Name: Act 218

Section 500.7312 – Rates; Filing.

500.7312 Rates; filing. Sec. 7312. The rates of every title insurer shall be filed pursuant to the applicable provisions of chapter 24. History: Add. 1966, Act 221, Imd. Eff. July 11, 1966 Popular Name: Act 218

Section 500.7313 – Filing of Basic Forms of Policies; Policy Commitments and Other Contracts or Agreements.

500.7313 Filing of basic forms of policies; policy commitments and other contracts or agreements. Sec. 7313. The basic form of title policies, title policy commitments and other contracts or agreements of title insurance shall be subject to the filing and other provisions of section 2236. History: Add. 1966, Act 221, Imd. Eff. July 11, 1966 […]

Section 500.7315 – Investments; Interests in Realty.

500.7315 Investments; interests in realty. Sec. 7315. In addition to the classes of investments authorized by chapter 9, any title insurer may invest in and hold interests in real estate acquired in the process of settling claims asserted under its title policies subject to the provisions of subsection (4) of section 948. History: Add. 1966, […]

Section 500.7316 – Property Title Information Report.

500.7316 Property title information report. Sec. 7316. A title agency or insurer may provide a property title information report. A property title information report shall be provided without payment or consideration of any kind and without any promise to obtain from the title insurer a title insurance policy for the property for which the title […]

Section 500.7317 – Licensing of Agents or Solicitors.

500.7317 Licensing of agents or solicitors. Sec. 7317. Persons acting as agents or solicitors for a title insurer shall be licensed in such capacities and subject to the applicable provisions of chapter 12. History: Add. 1966, Act 221, Imd. Eff. July 11, 1966 ;– Am. 1972, Act 133, Eff. Mar. 30, 1973 Popular Name: Act […]

Section 500.7318 – Effect of Act on Prior Act; Liabilities; Penalties.

500.7318 Effect of act on prior act; liabilities; penalties. Sec. 7318. (1) This chapter shall not impair or affect any act done, offense committed or right accruing, accrued or acquired or liability, penalty, forfeiture or punishment incurred prior to the time it takes effect, but the same may be enjoyed, asserted, enforced, prosecuted or inflicted, […]